Hundreds Comment On OCC Proposed "True Lender" Rule

We recently published a blog about the OCC's proposed rule "National Banks and Federal Savings Associations as Lenders" (the "Proposed Rule"), which would clarify that a bank (or savings association) is properly regarded as the "true lender" when, as of the date of origination, it is named as the lender in a loan agreement or funds the loan. We also published a separate blog discussing a comment submitted to the OCC by Ballard Spahr in support of the Proposed Rule.

We have now reviewed a sampling of the numerous comments filed with respect to the Proposed Rule. Many strongly support the bright-line approach of the Proposed Rule; others are supportive but provide suggestions and request adjustments, others request added elements, and still others adamantly oppose the Proposed Rule, and in some cases, oppose any form of "true lender" rule.